新天然气（603393）：量价齐升主业稳健，气：油：煤全布局未来可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total revenue of 3.777 billion yuan for 2024, representing a year-on-year growth of 7.4%, with a net profit attributable to shareholders of 1.185 billion yuan, up 13.12% year-on-year. However, in the fourth quarter alone, revenue decreased by 16.81% year-on-year to 812 million yuan, and net profit fell by 18.19% to 303 million yuan [2][6]. - The sales volume and price of coalbed methane have both increased year-on-year, indicating steady development in the main business. The company has secured exploration rights for the No. 7 exploration area in the Xinjiang Santanghu mining area, further solidifying its upstream resource reserves. The strategy of "strengthening, extending, and supplementing the chain" is expected to build and solidify a "fully integrated natural gas industry chain" [2][6]. Summary by Sections Financial Performance - In 2024, the company's total revenue reached 3.777 billion yuan, a 7.4% increase year-on-year, while the net profit attributable to shareholders was 1.185 billion yuan, reflecting a 13.12% growth. The total coalbed methane production reached 2.005 billion cubic meters, up 17.66% year-on-year [2][6]. Business Development - The company achieved a record high in coalbed methane production due to new drilling and the enhancement of old wells. The total production from the PanZhuang block was 1.108 billion cubic meters, a decrease of 2.12%, while the MaBi block saw a significant increase of 56.82% to 0.897 billion cubic meters due to breakthroughs in fracturing technology [12]. - The company won exploration rights for the Santanghu mining area, covering 109.28 square kilometers with an estimated coal resource of 2.093 billion tons, which is expected to enhance its resource base [12]. Strategic Initiatives - The company has implemented a strategy of "strengthening, extending, and supplementing the chain," achieving a fully integrated operational model with resources, pipelines, and customers. This includes the privatization of Yamei Energy and cross-border acquisitions to enhance its resource portfolio [12]. Future Earnings Projections - The company expects EPS for 2025, 2026, and 2027 to be 3.42 yuan, 4.04 yuan, and 5.05 yuan respectively, with corresponding PE ratios of 8.44X, 7.15X, and 5.72X based on the closing price on April 1, 2025 [12].